“Sensex and Nifty Reach Record Highs, Ending Five-Day Losing Streak”
In a dramatic turnaround, the domestic benchmark indices, Sensex and Nifty 50, ended their five-day losing streak on Friday with a remarkable surge. The Sensex gained a whopping 1,293 points, closing at 81,332.72, while the Nifty 50 reached an all-time high of 24,834.85, up 428.75 points.
The surge was attributed to strong value buying at lower prices and a surge in blue-chip companies like Infosys, Airtel, and Reliance Industries. The market outlook for the coming months looks positive, with experts predicting a revised target of 25,200 for the indices.
According to Santosh Meena, Head of Research at Swastika Investmart Ltd, the focus will now shift to international cues, particularly the upcoming announcement by the US Federal Reserve on July 31st. Additionally, Q1 earnings from major companies will continue to be a significant trigger for the market.
Dharmesh Shah, Vice President of ICICI Securities, highlighted the strong recovery in Friday’s session, indicating buying demand and a revised target of 25,200 for the indices. The positive bias is further supported by observations in the banking and IT sectors, as well as a decrease in market volatility.
Top stock recommendations include buying Tata Power and Bank of Maharashtra within specific price ranges for potential targets. Investors are advised to consult with certified experts before making any investment decisions.
The market’s rapid rebound and positive outlook signal a promising future for investors, with potential opportunities for growth and profitability in the coming months.
